Best Solution for Current High Unemployment and Higher Future Unemployment is Significant Dollar Devaluation Through Massive Monetary Easing. Job Czar Immelt Describes Weaker Dollar As Job Creator!
High unemployment is a symptom of a more significant problem, the attrition of the U.S. manufacturing sector. Jeffery Immelt, President Obama's new job Czar suggested on 60 Minutes the long-term solution to high unemployment, a weaker dollar.

GURNEE, IL, October 11, 2011 /24-7PressRelease/ -- Mr. Immelt talked about GE bringing jobs back to America as a result of a weaker dollar! Listen to the October 9th interview to hear his explanation of why jobs are being created. Then ask why he wouldn't suggest this strategy to President Obama. The US Dollar is overvalued on the world markets due to the political stability of the United States. China has been appropriating American jobs by severe undervaluing of their currency the Yuan. The Japanese have always manipulated the value of the Yen to prevent losing manufacturing jobs.

According to Albert Einstein "Problems cannot be solved by the same level of thinking that created them." Economic Heresy may be the answer to the current problems the United States faces. The creation of trillions of new dollars will significantly weaken the Dollar relative to world currencies. A weaker Dollar will make our products more competitive across the globe and increase the cost of imports to the US.

President Obama and Federal Reserve Chairman Bernacke have the power to bypass Congress and create significant reductions in unemployment and stimulate long-term growth in manufacturing by immediately beginning an aggressive program of monetary easing with subsequent Dollar devaluation. When faced with dollars that will become less valuable companies opt to spend the massive reserves they currently are holding. This holding of reserves is literally starving the recovery.

Creation of several trillion dollars in new money would allow the country to embark on a significant program of improving infrastructure, which is sorely needed for a robust economy in this century.

Obama and Bernacke can begin securing the future of America but immediately starting a program of monetary easing. It is essential that it begin before the collapse of Greece and the European banking community. The increased worldwide liquidity may prevent the collapse of the European banking system. The Euro will drop precipitously in value with the collapse of Greek debt repayment and our economy could slip into a full depression.

Both of these scenarios will drastically increase our dwindling manufacturing base and create the millions of new jobs necessary to keep the American dream alive. The cost of imported oil can be balanced by reductions on taxes on gasoline and other fuels. Oil drilling, gas exploration and alternative energies will enter a boom cycle.

The Swiss have just devalued the Franc to keep their products competitive in the world market and prevent rising unemployment. Their concern is justified considering unemployment is a whopping 3%.

Argentina kept the Peso equal to the Dollar for exchange, hit a crisis and the country defaulted on its loan. The subsequent devaluation of the Peso has led to a surge in the Argentina economy. The US has the ability to create a national surge in employment.

Manufacturing is what built our country to greatness. We have lost the bulk of our manufacturing jobs and if we don't act quickly to restore these jobs the current downturn is nothing to what the future holds. Manufacturing has grown in Asia, Mexico and India. China has had phenomenal exponential growth in manufacturing. China recognized that keeping the Yuan artificially far below its actual value was the best way to permanently appropriate American jobs.

Innovation frequently occurs as a direct result of the manufacturing process. Loss of our manufacturing will also severely limit American innovation.

Creation of several trillion dollars in new money would allow the country to embark on a significant program of improving infrastructure, which is sorely needed for a robust economy in this century.

The immediate result would be a massive increase in the cost of imports, particularly oil. This would also drastically lower the cost of our foreign exports. American made products would become more affordable increasing domestic production and resulting in increased employment. The higher cost of oil would help reduce our dependency on foreign oil. Increasing offshore oil drilling and mining in protected areas and increasing the use of natural gas could offset some of the shortages. Increases natural gas usage would certainly improve the environment.Elimination or major decreases in oil taxes could soften the economic effects of higher oil prices.

Monetary easing would create trillions of dollars to pay down debt. The interest on debt is one of the major budget expenses. This additional capital would also allow our nation to address the poor performance of American students relative to those in other countries. A major program to improve results from are educational system is long past due. Twenty-first century jobs will require a higher level of education and knowledge than at any time in the past.

Mr Immelt as chairman of GE exported American Jobs and managed to avoid paying any taxes. He has told us how to regain American Jobs. We Should Listen.

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Ira Shapira
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